If you start day trading and your heart starts pounding with nervousness, then you are not ready to begin trading. Day trading psychology plays a very important role in trading and many books have been written about it to prepare traders for this event. However, most books do not offer a practical solution to the nervous which eggs you to make so many other mistakes.
In order to be successful in day trading, you must have confidence in your strategy. Unfortunately, most traders are not at all confident and this is especially true for novice traders. On the other hand, if your trading strategy is not making money consistently, it is rather difficult to be confident about it. The best way to gain confidence in your trading strategy is to practice trading in simulation mode and then judge it. Most novice traders and the ones with few years experience are afraid of losing money. This fear can be done away with by using a trading simulation tool.
Day trading psychology is all about building up your confidence and nothing works better than consistent profitable results.
Many so-called professional traders might tell that using simulation trading is an utter waste of time. However, it depends on how and why you use it. The idea is to take a simulation strategy that has a defined number of setups, specific strategy for limiting your losses and then sticking to the strategy no matter what happens. This is the best way of testing your strategy and it will help you tremendously in real time.